BNB Chain pool Cross-chain solutions provider Allbridge has been hacked for $570,000, according to blockchain security firm Peckshield. Peckshield first identified the hack and notified Allbridge about the possible manipulation of its swap-related formula. According to the firm, the hacker manipulated the pool swap price by acting as a liquidity provider and a swapper which enabled them to drain the pool of 282,889 BUSD and 290,868 USDT. Meanwhile, Allbridge confirmed the incident and temporarily shut down the bridge for further investigations. Another blockchain security firm Certik corroborated reports of the Allbridge exploit. According to the firm, the attacker stole approximately $549,874 by manipulating the liquidity pool’s swap price. The firm pointed out that the hacker first flashloaned 7.5 million BUSD, swapped two million to BUSD, and deposited five million to the BUSD pool. Then, the attacker changed 500,000 BUSD to USDT and deposited two million USDT to the USDT pool. Certik detailed how the attacker used these funds to manipulate prices on Allbridge, repay the flashloan, and end up with the stolen funds.
Full story : DeFi Cross-Chain Solution Allbridge Exploited For $570,000.
